"There is no specific placement season for us. All seasons are placement seasons," said Prof Saibal Chattopadhyay, the Director-in-Charge of Indian Institute of Management Calcutta (IIM-C) – one of India’s foremost business schools.
This statement, far from being just a catchy utterance, reflects the dynamic and evolving nature of MBA education at this premier institution. It speaks to the institute’s relentless efforts to prepare students for the challenges of a highly competitive and ever-changing job market.
Even as the MBA continues to hold its place as a coveted qualification in India, not only due to its association with top-tier institutions like the Indian Institutes of Management (IIMs) but also because it offers pathways to leadership roles and entrepreneurial ventures; the journey to stay relevant in the global arena demands constant innovation.
The Telegraph Online Edugraph engaged in an exclusive conversation with Prof Chattopadhyay to get insights into how IIM Calcutta is navigating the MBA landscape presently undergoing significant transformations by blending tradition with modernity.
The Rising Demand for MBA: A Competitive Reality
India’s top B-schools, particularly the IIMs, continue to attract a wave of aspirants year after year. The recently conducted Common Admission Test (CAT) 2024 entrance exam saw a record 2.93 lakh candidates appearing for the exam; as per data shared in the official website; thereby highlighting management education’s enduring allure. This influx of students reflects a larger trend where an MBA degree is seen as a golden ticket to leadership roles, entrepreneurial endeavours, and lucrative corporate positions. However, with such high demand comes fierce competition for the limited spots available.
So while this surge is a positive indicator of the value placed on management education, it also adds a layer of pressure on both applicants and institutions. Prof Chattopadhyay observed, “We see a steady increase in the number of applicants to our programmes, but it also adds pressure to maintain our high standards amidst evolving expectations.”
This pressure to maintain standards comes at a time when the India Skills Report 2024 reveals that MBA graduates remain the most employable demographic, with an employability rate of 71.16%. However, even institutions like IIMs, known for their rigorous academic environment and high placements, have faced challenges with placements in recent years.
Technology and Innovation: Redefining MBA Curriculums
As industries embrace artificial intelligence, machine learning, and data-driven strategies, IIM Calcutta has been at the forefront of incorporating these technologies into its curriculum. Prof Chattopadhyay observed, “Change is the only constant, and management education today is evolving rapidly. Companies are transitioning from traditional boardroom decision-making to data-driven strategies, powered by analytics, artificial intelligence, and machine learning. Tools like ChatGPT and large language models are becoming indispensable.”
Thus, to stay ahead, the institute innovates constantly. Apart from offering the flagship two-year generalist MBA programme and the PhD programme; it offers a collaborative programme like the one-year Postgraduate Programme for Executives - Visionary Leadership in Manufacturing (PGPEx-VLM), is designed for professionals with at least five years of experience in manufacturing or related fields, and admits only 40 participants globally. It is a course offered jointly by IIM Calcutta, IIT Kanpur, and IIT Madras, with students rotating across campuses and becoming alumni of all three prestigious institutions. The course has been designed by these institutes in consultation with industry, Confederation of Indian Industry (CII), Japan International Cooperation Agency (JICA), Department for Promotion of Industry and Internal Trade and Ministry of Education, Government of India; further enhancing its global outlook.
Another specialised offering is the Postgraduate Diploma in Business Analytics (PGDBA), a tri-institute programme with Indian Statistical Institute (ISI) and IIT Kharagpur. This course has gained prominence for its industry relevance and global ranking. These internationally recognised programmes showcase the legacy business school’s adaptability and focus on industry needs.
“Our faculty plays a pivotal role in this evolution. Teaching alone isn’t enough; research is critical to keeping us competitive on the world stage. The journey has been challenging yet incredibly rewarding, as we continue to shape leaders equipped for the future," remarked Prof Chattopadhyay.
This aligns with the growing trend in MBA programmes worldwide where technology, sustainability, and global business strategies are taking centre stage. Top B-schools, including IIM Calcutta, are now offering specialised courses that incorporate AI, machine learning, sustainability, fintech, financial blockchain etc into their curriculums, preparing students for the complex, interconnected world they will face after graduation.
Diversity and Inclusion in B-Schools: The Cornerstones of Modern Management Education
One of the most significant changes in India’s top MBA programmes has been the increasing emphasis on inclusion and diversity. According to Abhishek Agrawal, Executive Director, Marketing & Development Research Associates (MDRA); the gender diversity ratio at the top 100 B-schools in India reached an all-time high of 1.5 last year, reflecting a shift towards a more balanced and inclusive learning environment. Additionally, the ratio of engineering to non-engineering students in the top 25 B-schools shifted dramatically, now at 50:50 compared to 84:16 a decade ago.
“When I joined 28 years ago, 95-97% of our students were engineers,” corroborated Prof Chattopadhyay. “Today, that ratio has shifted significantly. We now actively promote gender and academic diversity, enriching classroom discussions which are aimed at preparing students better for real world workplace scenarios.”
This approach includes inviting a higher number of non-engineering and/ or female candidates to the interview stage and allotting a small weightage to fostering inclusivity in the selection process. “However, we maintain our standards – only the best are selected based on merit,” he emphasised. “Beyond technical skills, we prioritise traits like leadership, teamwork, communication ability, critical thinking, and societal awareness. These qualities are vital for navigating the uncertain world of management.”
IIM Calcutta’s comprehensive selection process combines CAT scores, written abilities, interviews, past academic performance, and work experience. This shift not only enhances the learning experience for students but also prepares them for leadership roles in global companies where diverse teams are the norm. The growing inclusion of women and non-engineering students in top management programmes reflects a broader societal change that is reshaping business leadership in India.
Placements Beyond Seasons: IIM Calcutta’s Proactive Approach
IIM Calcutta’s placement strategy underscores its commitment to excellence. “Our Career Development Cell (CDC) operates year-round,” shared Prof Chattopadhyay. “Our Placement Chairperson closely interacts with industry leaders to stay updated on changing trends. By leveraging our vast alumni network and maintaining close industry connections, we ensure students are well-prepared to meet hiring trends. Despite global recruitment challenges, such as the recent downturn following post-COVID overhiring, we have consistently achieved 100% placements.”
Further, recognising entrepreneurship as a key driver of future management education, the institute has established initiatives like the IIM Calcutta Innovation Park and the Centre of Excellence for Entrepreneurship and Innovation. These platforms support aspiring entrepreneurs by offering mentorship, linking them to financial resources, and facilitating connections with successful alumni. “Currently, 6-7% of our graduates choose entrepreneurship right after their MBA,” noted Prof Chattopadhyay. “I hope to see this number rise to 50% in the future!”
The Globalisation of Indian MBA Programmes
As the IIMs continue to grow in stature and attract students from across the world, their global reputation remains a cornerstone of India’s management education ecosystem. However, the road ahead requires these institutions to continue evolving, particularly in their global outreach efforts.
IIM Calcutta’s global outlook is reflected in its prestigious accreditations and partnerships. “We were the first Indian management institution to earn the ‘Triple Crown’ accreditation from Association to Advance Collegiate Schools of Business (AACSB), Association of MBAs (AMBA) and EFMD Quality Improvement System (EQUIS). This recognition underscores our global standards.
Additionally, being part of CEMS the Global Alliance in Management Education is a unique and prestigious opportunity for IIM Calcutta. CEMS allows only one business school per country, and about 12 years ago, we were honoured to be invited based on our strengths in teaching, research, and executive education,” remarked Prof Chattopadhyay.
CEMS is an exclusive consortium of leading business schools, multinational companies and NGOs jointly delivering a pre-experience Master’s in Management (MIM) programme that prepares future generations of business leaders.
Prof Chattopadhyay asserted, “Our students benefit from global exposure, and unmatched networking opportunities, preparing them for leadership in a connected world.”
A Message to Aspirants
For students aspiring to join IIM Calcutta, Prof Chattopadhyay offers this advice: “Stay true to your aspirations and cultivate discipline. Whether your goal is to lead, innovate, or research, the combination of desire and discipline will guide you. In uncertain times, it’s your resilience that will keep you moving forward.”
This message resonates deeply with IIM Calcutta's philosophy of education, which emphasises not just academic excellence but the development of a holistic, future-ready mindset.
Bridging Legacy and Future
As India’s best MBA programmes look to the future, their success will depend on how effectively they integrate global best practices while preserving their unique contributions to the Indian education landscape. IIM Calcutta’s journey from its inception in 1961 to its current stature as a global leader in management education exemplifies this delicate balance of tradition and innovation.
Through its emphasis on cutting-edge technology, entrepreneurship, diversity, and strategic global partnerships, IIM Calcutta is not merely preparing students to navigate the complexities of a dynamic world – it is empowering them to define it. With visionary leadership and a commitment to excellence, the institution continues to inspire and set benchmarks for management education, not just in India but on the world stage.
